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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share

Note 2.  Earnings Per Share

Basic earnings per share for the three and nine months ended September 30, 2011 and 2010 were computed by dividing net income by the weighted average number of shares outstanding.  Diluted earnings per share for the same periods were computed by dividing net income by the weighted average number of shares outstanding, adjusted for the dilutive effect of the stock options and warrants.  Computations for basic and diluted earnings per share are provided as follows:



 

 

 

 

 

           Three Months Ended

           Nine Months Ended

 

               September 30,             

               September 30,           

 

       2011     

       2010     

       2011     

       2010     

Basic Earnings (Loss)  Per Common Share

 

 

 

 

Net income (loss) for common shareholders

$        (5,253)

$         (16,887)

$       (12,130)

$         (28,023)

Weighted average common shares outstanding

            6,048                                                   

               6,046

            6,048                                                   

               6,044

 

 

 

 

 

Basic earnings (loss) per common share

$          (0.87)

$                (2.79)

$          (2.01)

$                (4.64)

 

 

 

 

 

Diluted Earnings (Loss) Per Common Share

 

 

 

 

Weighted average common shares outstanding

            6,048

               6,046

            6,048

               6,044

Add: dilutive effect of assumed exercised

 

 

 

 

stock options

                    -

                      -

                    -

                      -

     Add: dilutive effect of assumed exercised

common stock warrants

                    -

                      -

                    -

                      -

Weighted average common and dilutive

 

 

 

 

potential shares outstanding

            6,048

               6,046

            6,048

               6,044

 

 

 

 

 

Diluted earnings (loss) per common share

$           (0.87)

$                 (2.79)

$           (2.01)

$                 (4.64)

 

 

 

 

 

There were 464,038 options and 508,320 warrants outstanding for the three and nine months ended September 30, 2011 and 561,069 options and 508,320 warrants outstanding for the three and nine months ended September 30, 2010 that were not included in the computation of diluted earnings per share because the exercise price was greater than the average market price and therefore, were anti-dilutive. In addition, the Company's convertible preferred stock was not included in the computation of diluted earnings per share as it was anti-dilutive.